Benefits Handbook

If you were eligible for the Limited Time Benefit Offer in 2023 (Offer), you had the option to voluntarily elect to receive your Accrued Benefit as a single sum or an immediate monthly annuity effective October 1, 2023. If you were eligible, you received a communication not more than 90 days prior to October 1, 2023 which described the terms of the Offer and included information with respect to benefit amounts you might have been eligible to receive as well as instructions on how to apply for a benefit under the Offer.

To elect a benefit under the Offer, you needed to submit an election form during the Special Election Period. The Special Election Period began on August 1, 2023 and ended October 3, 2023. If your election was made online, it needed to be submitted by 11:59 pm Eastern Time on October 3, 2023, or if you chose to use a paper form, it needed to be postmarked no later than October 3, 2023. However, if your address of record as of September 20, 2023 was in Alabama, Alaska, California, Florida, Georgia, Hawaii, Illinois, Maine, Massachusetts, Mississippi, South Carolina, and Vermont and you had not submitted an election by October 3, 2023, your election needed to be submitted by 11:59 pm Eastern Time on October 17, 2023 if your election was online, or if you chose to use a paper form, it needed to be received by no later than October 17, 2023.

Generally, if you submitted an election form by October 3, 2023, you had until that date to either revoke your election or change the form of payment you elected. This revocation or election change deadline applied to all participants including those for whom the October 17, 2023 Offer election deadline applied. This meant that any election received after October 1, 2023 could not be revoked or changed. In all cases, however, any election received on or before your Special Election Deadline (October 3rd or October 17th, as applicable) became null and void if the Plan administrator determined the election and all required documentation were not in good order and you failed to cure any and all deficiencies by October 17, 2023.

If you were eligible for the Offer but did not submit your election form and all required documentation by the end of the applicable Special Election Period (or if your election was revoked, or it became null and void as described above), your monthly benefit will commence pursuant to the Marsh & McLennan Companies Retirement Plan's standard provisions. See "When Benefits Commence" for details.

You were eligible for the Limited Time Benefit Offer if you:

You were not eligible for the Limited Time Benefit Offer if you were a Participant who:

Benefit Forms Available Under the Offer Commencing October 1, 2023

The benefit options available to you under the Offer were contingent upon your marital status and your age on October 1, 2023 as follows:

If you were not yet age 55 and had a Spouse on October 1, 2023 you had the following benefit options under the Offer:

You needed to obtain your Spouse's written, notarized consent before you could elect either a lump sum payment or the single life annuity form of payment.

If you were not yet age 55 and did not have a Spouse on October 1, 2023, you had the following benefit options under the Offer:

If you were age 55 or older and had a Spouse on October 1, 2023, you had the following benefit options under the Offer:

If you did not elect a contingent annuity naming your Spouse as the designated survivor, you needed to obtain your Spouse's written, notarized consent.

If you were age 55 or older and did not have a Spouse on October 1, 2023, you had the following benefit options under the Offer:

Calculation of Annuity Payment Amounts

Pre-age 55:

If you were not age 55 on October 1, 2023 and elected an annuity benefit, your monthly benefit amount was your Accrued Benefit at your Normal Retirement Date, actuarially reduced to reflect your actual age on October 1, 2023. The reduction that was applied was:

Age 55 or older but before your Normal Retirement Date:

If you were age 55 but had not attained your Normal Retirement Date prior to October 1, 2023 and elected an annuity benefit, your annuity amount was your Accrued Benefit as of your Normal Retirement Date reduced pursuant to the Plan's early reduction factors as applicable to your date of birth, the date you left the Company, and your age when you left the Company.

At your Normal Retirement Date or Older:

If you were age 65 or older on October 1, 2023 and elected an annuity benefit, your annuity amount was your Accrued Benefit as of your Normal Retirement Date (or termination of employment, if later), actuarially increased for any payment delay after your termination of employment.

Calculation of Lump Sum Payment Amounts:

Pre-age 55:

If you were not age 55 on October 1, 2023 and elected a lump sum payment, your lump sum payment represented the actuarial Present Value of your Accrued Benefit (i.e., a single life annuity commencing at your Normal Retirement Date).

At Age 55 or older but before Normal Retirement Date:

If you were age 55 but had not attained your Normal Retirement date before October 1, 2023 and elected a lump sum payment, your lump sum payment represented the actuarial Present Value of your Accrued Benefit (i.e., a single life annuity commencing at your Normal Retirement Date).

At Your Normal Retirement Date or older:

If you attained your Normal Retirement Date before October 1, 2023 and elected a lump sum payment, your lump sum benefit amount represented the actuarial Present Value of a single life annuity commencing on October 1, 2023.

Death Benefit Under the Offer

Death Before the Payment of a Lump Sum Distribution:

If you were not married and your death occurred prior to the distribution of an elected lump sum payment, the lump sum payment was paid to your estate. If you were married and your death occurred prior to the distribution of your elected lump sum payment, the lump sum payment was distributed to your Spouse.

Death Prior to October 1, 2023 if You Elected an Annuity:

If you elected an annuity and your death occurred prior to October 1, 2023, a death benefit became payable to your Eligible Survivor, if any. See "Death Benefits" for details.

Timing of Payment: